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Rubber Products Ltd Auditors Report.

To The Members of the Rubber Products Limited,

Report on the audit of the financial statements Opinion

We have audited the accompanying financial statements of The Rubber Products Limited
("the Company"), which comprise the Balance Sheet as at March 31, 2019, the
Statement of Profit and Loss (including Statement of other Comprehensive income),
Statement of Cash flows for the year then ended, and notes to the financial statements,
including a summary of significant accounting policies and other explanatory information.
In our opinion and to the best of our information and according to the explanations given
to us, the aforesaid financial statements give the information required by the Companies
Act, 2013 (Act) in the manner so required and give a true and fair view in
conformity with the accounting principles generally accepted in India, of the state of
affairs of the Company as at March 31, 2019 and cash flows for the year ended on that
date.

Basis for opinion

We conducted our audit in accordance with the standards on auditing specified under
section 143 (10) of the Companies Act, 2013. Our responsibilities under those Standards
are further described in the Auditors responsibilities for the audit of the financial
statements section of our report. We are independent of the Company in accordance with the
code of ethics issued by the Institute of Chartered Accountants of India together with the
ethical requirements that are relevant to our audit of the financial statements under the
provisions of the Act and the rules thereunder, and we have fulfilled our other ethical
responsibilities in accordance with these requirements and the code of ethics. We believe
that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion on these financial statements.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most
significance in our audit of the financial statements for the financial year ended 31st
March, 2019. These matters were addressed in the context of our audit of the financial
statements as a whole, and in forming our opinion thereon, and we do not provide a
separate opinion on these matters. We have determined the matters described below to be
the key audit matters to be communicated in our report.

Information other than the financial statements and auditors report thereon The
Companys Board of Directors is responsible for the preparation of the other information.
The other information comprises the information included in the Boards Report including
Annexures to Boards Report, Business Responsibility Report but does not include the
financial statements and our auditors report thereon.

Our opinion on the financial statements does not cover the other information and we do
not express any form of assurance conclusion thereon. In connection with our audit of the
financial statements, our responsibility is to read the other information and, in doing
so, consider whether the other information is materially inconsistent with the standalone
financial statements or our knowledge obtained during the course of our audit or otherwise
appears to be materially misstated. If, based on the work we have performed, we conclude
that there is a material misstatement of this other information, we are required to report
that fact. We have nothing to report in this regard.

Managements responsibility for the financial statements

The Companys board of directors are responsible for the matters stated in section 134
(5) of the Act with respect to the preparation of these financial statements that give a
true and fair view of the financial position, financial performance and cash flows of the
Company in accordance with the accounting principles generally accepted in India,
including the accounting standards specified under section 133 of the Act read with the
Companies (Indian Accounting Standards) Rules, 2015, as amended. This responsibility also
includes maintenance of adequate accounting records in accordance with the provisions of
the Act for safeguarding of the assets of the Company and for preventing and detecting
frauds and other irregularities; selection and application of appropriate accounting
policies; making judgments and estimates that are reasonable and prudent; and design,
implementation and maintenance of adequate internal financial controls, that were
operating effectively for ensuring the accuracy and completeness of the accounting
records, relevant to the preparation and presentation of the financial statement that give
a true and fair view and are free from material misstatement, whether due to fraud or
error. In preparing the financial statements, management is responsible for assessing the
Companys ability to continue as a going concern, disclosing, as applicable, matters
related to going concern and using the going concern basis of accounting unless management
either intends to liquidate the Company or to cease operations, or has no realistic
alternative but to do so. The Board of Directors are also responsible for overseeing the
Companys financial reporting process.

Auditors responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial
statements as a whole are free from material misstatement, whether due to fraud or error,
and to issue an auditors report that includes our opinion. Reasonable assurance is a high
level of assurance, but is not a guarantee that an audit conducted in accordance with SAs
will always detect a material misstatement when it exists. Misstatements can arise from
fraud or error and are considered material if, individually or in the aggregate, they
could reasonably be expected to influence the economic decisions of users taken on the
basis of these financial statements.

As part of an audit in accordance with SAs, we exercise professional judgment and
maintain professional skepticism throughout the audit. We also:Identify and assess
the risks of material misstatement of the financial statements, whether due to fraud or
error, design and perform audit procedures responsive to those risks, and obtain audit
evidence that is sufficient and appropriate to provide a basis for our opinion. The risk
of not detecting a material misstatement resulting from fraud is higher than for one
resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.

Obtain an understanding of internal control relevant to the audit in order to design
audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the
Companies Act, 2013, we are also responsible for expressing our opinion on whether the
company has adequate internal financial controls system in place and the operating
effectiveness of such controls.

Evaluate the appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosures made by management.

Conclude on the appropriateness of managements use of the going concern basis of
accounting and, based on the audit evidence obtained, whether a material uncertainty
exists related to events or conditions that may cast significant doubt on the Companys
ability to continue as a going concern. If we conclude that a material uncertainty exists,
we are required to draw attention in our auditors report to the related disclosures in
the financial statements or, if such disclosures are inadequate, to modify our opinion.
Our conclusions are based on the audit evidence obtained up to the date of our auditors
report. However, future events or conditions may cause the Company to cease to continue as
a going concern.

Evaluate the overall presentation, structure and content of the financial statements,
including the disclosures, and whether the financial statements represent the underlying
transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the
planned scope and timing of the audit and significant audit findings, including any
significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied
with relevant ethical requirements regarding independence, and to communicate with them
all relationships and other matters that may reasonably be thought to bear on our
independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those
matters that were of most significance in the audit of the financial statements of the
current period and are therefore the key audit matters. We describe these matters in our
auditors report unless law or regulation precludes public disclosure about the matter or
when, in extremely rare circumstances, we determine that a matter should not be
communicated in our report because the adverse consequences of doing so would reasonably
be expected to outweigh the public interest benefits of such communication.

Report on other legal and regulatory requirements

As required by the Companies (Auditors Report) Order, 2016 ("the Order"),
issued by the Central Government of India in terms of sub-section (11) of section 143 of
the Companies Act, 2013, we give in the Annexure "A", a statement on the matters
specified in paragraphs 3 and 4 of the Order, to the extent applicable. As required by
Section 143(3) of the Act, we report that: (a) We have sought and obtained all the
information and explanations which to the best of our knowledge and belief were necessary
for the purposes of our audit; (b) In our opinion, proper books of account as required by
law have been kept by the Company so far as it appears from our examination of those
books; (c) The balance sheet, the statement of profit and loss, and the cash flow
statement dealt with by this report are in agreement with the books of account;

(d) In our opinion, the aforesaid financial statements comply with the accounting
standards specified under section 133 of the Act, read with rule 7 of the Companies
(Accounts) Rules, 2014; (e) On the basis of the written representations received from the
directors as on March 31, 2019 taken on record by the board of directors, none of the
directors is disqualified as on March 31, 2019 from being appointed as a director in terms
of Section 164 (2) of the Act; (f) With respect to the adequacy of the Internal Financial
controls over the financial reporting of the company and the operating effectiveness of
such controls, refer to our separate report in Annexure B; (g) With respect to the other
matters to be included in the Auditors Report in accordance with Rule 11 of the Companies
(Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and
according to the explanations given to us; a. The Company has filed application with NCLAT
which would have impact on the Companys financial position. b. The Company did not have
any long-term contracts including derivative contracts for which there were any material
foreseeable losses; and c. There has been no delay in transferring amounts, required to be
transferred, to the Investor Education and Protection Fund by the Company.

For Patel Shah & Joshi.

Chartered Accountants

Firms Registration No: 107768W

J. I. Mehta

Partner

Membership No: 42630

Place: Mumbai

Date: 30/05/2019

Annexure "A" to the Independent Auditors Report*

(Referred to in paragraph 1 under Report on other legal and regulatory
requirements section of our report to the members of The Rubber Products Limited of even
date) On the basis of sample checks and according to the information and explanations
given to us during the course of our audit we report that: (i) The Company does not hold
any Fixed Assets and accordingly, clause (i) of the Order is not applicable and hence not
commented upon (ii) (a)As explained to us, Inventories have been physically verified
during the year by the management. (b) In our opinion and on the basis of our examination
of the records, the Company is generally maintaining records of its inventories. No
material discrepancy was noticed on physical verification of stocks by the management as
compared to book records. We have not conducted physical verification of stock and relied
on the Management Information. (iii) In respect of the Loans, secured or unsecured,
granted to Companies, firms or other parties covered by clause (76) of section 2 of the
Companies Act, 2013, According to the information and explanations given to us, the
Company has given loan to one associate concern. In respect of the said loans, the maximum
amount outstanding at any time during the year was Rs 25.00 Lacs and the year end balance
is Rs. 25.00 Lacs. In our opinion and according to the information and explanations given
to us, the rate of interest and other terms and conditions of the loans given by the
Company are not prima facie prejudicial to the interest of the Company in view of below
explanations in 3(c). The Principal amounts are repayable but due to order of BIFR was set
aside by AAIFR vide its order dated 06.09.2012 and also directed BIFR to consider the
scheme submitted by the Cosmos India Rubber Works (P) Ltd of revival cum Merger but with
the releasement of SICA the matter before BIFR stands abated. Reference is invited to Note
No 6 of Notes forming part of account. In respect of the said loans and interest thereon,
there are no overdue amounts. (iv) In our opinion and according to the information and
explanations given to us, the company has complied with the provisions of section 185 and
186 of the Companies Act, 2013 with respect to loans and investments made.

(v) The Company has not accepted any deposit from the public. Therefore, provision of
clause (v) of paragraph 3 of the CARO, 2016 are not applicable to the Company. (vi)
According to the information and explanations given to us, Central Government has not
prescribed the maintenance of cost records under sub-section (1) of the section 148 of the
Companies Act, 2013. (vii)(a) According to the information and explanations given to us,
the Company was not regular in depositing undisputed statutory dues including provident
fund, income tax, employee state insurance, sales tax, service tax, provision tax, duty of
excise, value added tax, TCS, cess, GST and any other statutory dues to the appropriate
authorities.

Successful Resolution Applicant has after receiving the certified copy of the Honble
NCLT, Mumbai bench order dated 19.02.2019 found few errors of omission and certain reliefs
that is not being granted by the Honble NCLT. Hence, the Successful Resolution applicant
moved the Honble NCLAT, New Delhi and appealed against the order dated 19.02.2019 passed
by the Honble NCLT, Mumbai bench u/s. 61 of the Insolvency and Bankruptcy code, 2016. The
Honble NCLAT, New Delhi asked the Successful Resolution applicant to file a "Revised
Re-distribution chart" showing how the interest of each stakeholder shall be dealt
with. Whilst the "Revised Re-distribution chart" was submitted and that the
Honble NCLAT approved the same thereby modifying the impugned order of the Honble NCLT,
Mumbai bench dated 19.02.2019 to that extent including those which are appealed against.
The details of modifications which are now Contingent Liability is as follows:

Sr. No Particulars

Amount claimed/ Demanded ( Post NCLT approval)

Amount earlier proposed to be paid by RA

Redistributed amount now proposed to be paid

% of redistributed payment

Rs. In Lakhs

A Statutory Dues related to Workmen and Employee Dues

1Provident Fund

62.43

44.77

62.43

100

2 Projected Interest and damages on PF Liability

50.00

-

50.00

100

3 Maharashtra Labour Welfare Fund

0.24

0.24

0.24

100

4 Employee State Insurance Corporation

9.33

9.33

9.33

100

5Profession Tax

21.53

21.53

21.53

100

Subtotal

143.54

75.87

143.54

B Other Statutory Dues

1Customs

384.84

-

116.29

30.22

2Tax deducted at Source

15.85

10.94

4.79

30.22

3 Value added Tax & Central State Tax

736.29

12.19

222.50

30.22

4Excise

353.40

78.84

106.79

30.22

5The Rubber Board

0.82

0.61

0.25

30.22

6Goods & Service Tax

3.10

3.10

0.94

30.22

7Service Tax

5.01

5.01

1.51

30.22

8Tax Collected at Source

0.29

0.29

0.09

30.22

9TNGST

0.73

0.73

0.22

30.22

Sub total

1,500.34

111.73

453.38

Total

1,643.88

187.60

596.92

Notes: The Companys pending Contingent Liabilities comprises of claims against the
company and proceedings pending with Statutory/ Government Authorities. The Company has
reviewed all its pending litigations and proceedings and has made adequate provisions, and
disclosed contingent liabilities, where applicable, in its financial statements. The
Company does not expect the outcome of these proceedings to have a material impact on its
financial positions.

(viii) According to the information and explanations given to us and our Audit
procedures, the Company has loans and borrowing from financial institution, bank, during
the year. The Company has repayment of loan principal and interest amount payable to State
Bank of India (Cash Credit) Rs. 1,65,26,171 and repaid completely on 2nd April 2019.

(ix) The Company has not raised money by way of initial public offer or further public
offer (including debt instruments) and term loans during the year. Accordingly, clause
(ix) of the Order is not applicable and hence not commented upon.

(x) According to the information and explanations given to us, no material fraud by the
company or any fraud on the company by its officers or employees has been noticed or
reported during the year.

(xi) According to the information and explanations given to us, the Company has not
paid/ provided for managerial remuneration in accordance with the requisite approvals
mandated by the provisions of section 197 read with Schedule V to the Companies Act, 2013.

(xii) In our opinion and according to the information and explanations given to us, the
company is not a Nidhi Company. Accordingly, clause (xii) of the Order is not applicable
and hence not commented upon.

(xiii) According to the information and explanations given to us, all transactions with
related parties are in compliance with sections 177 and 188 of the Companies Act, 2013
where applicable and the details have been disclosed in the Financial Statements as
required by the applicable accounting standards.

(xiv) According to the information and explanations given to us, the Company has not
made any preferential allotment or private placement of shares or full or partly
convertible debentures during the year under review.

(xv) According to the information and explanations given to us and based on our
examination of the record of the company, the company has not entered into any non-cash
transactions with directors or persons connected with them. Accordingly, clause (xv) of
the Order is not applicable and hence not commented upon.

(xvi) The company is not required to be registered under section 45-IA of the Reserve
Bank of India Act, 1934. Accordingly, the clause (xvi) of the Order is not applicable to
the Company and hence not commented upon.

For Patel Shah & Joshi

Chartered Accountants

Firm registration No: 107768W

J. I. Mehta

Partner

Membership No: 42630

Mumbai

Date: 30/05/2019

Annexure- B to the Independent Auditors Report

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section
143 of the Companies Act, 2013 ("the Act").

We have audited the internal financial controls over financial reporting of The Rubber
Products Limited (the Company") as of 31st March, 2019 in conjunction with our
audit of the financial statements of the Company for the period ended on that date.

Managements Responsibility for Internal Financial Controls

The Companys management is responsible for establishing and maintaining internal
financial controls based on the internal control over financial reporting criteria
established by the Company considering the essential components of internal control stated
in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting
issued by the Institute of Chartered Accountants (ICAI) of India. These responsibilities
include the design, implementation and maintenance of adequate internal financial controls
that were operating effectively for ensuring the orderly and efficient conduct of its
business, including adherence to companys policies, the safeguarding of its assets, the
prevention and detection of frauds and errors, the accuracy and completeness of the
accounting records, and the timely preparation of reliable financial information, as
required under the Companies Act, 2013.

Auditors Responsibility

Our responsibility is to express an opinion on the Companys internal financial
controls over financial reporting based on our audit. We conducted our audit in accordance
with the Guidance note on Audit of internal financial controls over financial reporting
(the "Guidance Note") and the Standards on Auditing, issued by ICAI and deemed
to be prescribed under section 143(10) of the Companies Act, 2013, to the extent
applicable to an audit of internal financial controls, both applicable to an audit of
Internal Financial Controls and, both issued by the Institute of Chartered Accountants of
India. Those Standards and the Guidance Note require that we comply with ethical
requirements and plan and perform the audit to obtain reasonable assurance about whether
adequate internal financial controls over financial reporting was established and
maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of
the internal financial controls system over financial reporting and their operating
effectiveness. Our audit of internal financial controls over financial reporting included
obtaining an understanding of internal financial controls over financial reporting,
assessing the risk that a material weakness exists, and testing and evaluating the design
and operating effectiveness of internal control based on the assessed risk. The procedures
selected depend on the auditors judgement, including the assessment of the risks of
material misstatement of the financial statements, whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our audit opinion on the Companys internal financial controls system
over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A companys internal financial control over financial reporting is a process designed
to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally
accepted accounting principles. A companys internal financial control over financial
reporting includes those policies and procedures that

(1) Pertain to the maintenance of records that, in reasonable detail, accurately and
fairly reflect the transactions and dispositions of the assets of the company;

(2) Provide reasonable assurance that transactions are recorded as necessary to permit
preparation of financial statements in accordance with generally accepted accounting
principles, and that receipts and expenditures of the company are being made only in
accordance with authorizations of management and directors of the company; and

(3) Provide reasonable assurance regarding prevention or timely detection of
unauthorized acquisition, use, or disposition of the companys assets that could have a
material effect on the financial statements.

Limitations of Internal Financial Controls over Financial Reporting

Because of the inherent limitations of internal financial controls over financial
reporting, including the possibility of collusion or improper management override of
controls, material misstatements due to error or fraud may occur and not be detected.
Also, projections of any evaluation of the internal financial controls over financial
reporting to future periods are subject to the risk that the internal financial control
over financial reporting may become inadequate because of changes in conditions, or that
the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion, to the best of our information and according to the explanation given
to us, the Company has, in all material respects, an adequate internal financial controls
system over financial reporting and such internal financial controls over financial
reporting were operating effectively as at 31st March, 2019 based on, "the internal
control over financial reporting criteria established by the Company considering the
essential components of internal control stated in the Guidance Note on Audit of Internal
Financial Controls over Financial Reporting issued by the Institute of Chartered
Accountants of India.

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